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Bond Market News
Angola’s Dollar Bonds Drop 1-1.6 Points on Contracting Economy
July 6, 2023
Angola’s dollar bonds dropped by 1-1.6 points after its GDP contracted by 1.1% QoQ in the first quarter, for the first time since 2Q 2021. This comes after the nation saw oil exploration and refining witness a large decline of 15.4% QoQ, the largest drop since 4Q 2019. Also its diamond output and transport storage fell 24.6% and 19.5% respectively. While the finance minister sounded confident about a 3% growth, he remained cautious about oil production.
Angola last year said that it would not tap dollar bond markets through 2022 after raising $1.75bn via its 8.75% 2032s, noting that it would finance its budget with windfall revenues from surging crude oil prices. Its 8.75% 2032s were down 1.5 points to trade at 82.88, yielding 11.95%.
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